A black student organization called Unheard tweeted the video at the university's president, David Boren. While it's unclear how Unheard obtained the video, the Tulsa World reported that the group said it was filmed Saturday while the frat members travelled to a party.
Boren initially said the university would investigate the incident and called the behavior shown in the video "contrary to all of our values." He later tweeted an updated statement that said "if the reports are true the chapter will no longer remain on campus."

If the video is indeed of OU students, this behavior will not be tolerated and is contrary to all of our values. We are investigating. - DBo
— David Boren (@President_Boren) March 9, 2015

But Sigma Alpha Epsilon's national headquarters immediately closed its OU chapter after catching wind of the video. The organization said in a statement that all the chapter's members had been suspended.
"We apologize for the unacceptable and racist behavior of the individuals in the video, and we are disgusted that any member would act in such a way," the statement read. "Furthermore, we are embarrassed by this video and offer our empathy not only to anyone outside the organization who is offended but also to our brothers who come from a wide range of backgrounds, cultures and ethnicities."